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Revolut Greenlighted to Provide Crypto Services in the UK

Revolut Greenlighted to Provide Crypto Services in the UK

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The financial technology company Revolut received official permission from the UK’s top Financial Conduct Authority (FCA) to offer cryptocurrencies to local consumers.

A few weeks ago, the regulator claimed that the company needs to improve its internal structure and audit process in order to receive such a license.

FCA finally said ‘yes’

European fintech unicorn – Revolut – has been on the growth path lately, and the UK was one of the destinations where it wanted to offer cryptocurrency options. As usual, Britain’s financial regulators were not open to the idea, saying the company would need to have a “bank-like back office” to gain approval.

The watchdogs further argued that there are certain flaws in Revolut’s auditing process that could pose risks to investors.

Nevertheless, the parties appear to have reached an agreement, as the Financial Conduct Authority (FCA) added the entity to its crypto asset company register.

Prior to that, Revolut offered digital asset services in the UK through a temporary license issued by the watchdog.

In August, the fintech giant received regulatory approval from the Cyprus Securities and Exchange Commission (CYSEC) to expand its cryptocurrency options throughout the European Economic Area (EEA). Thus, it became the first entity to receive such authorization from that regulatory authority.

It’s worth noting that the Revolut team sees the current bear market as an opportunity to redouble their efforts. Not long ago, it vowed to increase its crypto-focused staff by 20% in the US, UK and Europe in the next six months.

The move contrasts with leading exchanges such as Coinbase, CryptoCom, Gemini, Bybit and others, which laid off some of their workforce due to the market decline and investor outflows.

Revolut also separately announced that a beta version of its Web 3 wallet was released.

Not so supportive of FTX

Despite the FCA’s nod to Revolut, it’s generally not very friendly to cryptocurrency entities. Last week it warned British consumers that FTX is not licensed to operate in the UK. In addition, it claimed that the exchange “targets people” who are unlikely to later recover their funds in the event of a financial loss.

A few days later, Sam Bankman-Fried (FTX CEO and co-founder) said he was “surprised” by the warning, as the two sides have been discussing regulatory requirements “for some time”. Still, he promised to comply with the necessary obligations and defuse tensions:

“We believe we comply with UK regulations, but as always we will act swiftly if we receive guidance from regulators.”

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